CHAPTER4

Building a Quality AML Program

For Financial Institutions

The anti-money laundering (AML) universe basically consists of three entities that attempt to fight the good fight against the bad guys.

  • Financial institutions (including designated nonfinancial institutions)
  • Regulators
  • Law enforcement

The AML unit of a financial institution is sometimes referred to as Compliance or Risk, or sometimes the AML unit falls under the auspices of the Compliance Unit. Its mission is to prevent and deter money laundering and terrorist financing. This is accomplished by creating and employing policies and procedures that implement the rules and regulations as set forth in the Bank Secrecy Act (in the United States).

In a nutshell, financial institutions ...

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